Section 121I — Land Transfer Act 1952: Consent of mortgagee required on disposal of licence or shares

121I Consent of mortgagee required on disposal of licence or shares (1) The licensee under a licence that is subject to a registered mortgage must not sell or otherwise dispose of the licence or the shares to which the licence relates, or any of them, without the consent in writing of the mortgagee of the licence. (2) The consent of the mortgagee to the sale or other disposition of the licence or of any of the shares to which the licence relates, is not required under subsection (1) of this section in any case where— (a) The mortgage provides that no such consent is necessary; or (b) The person acquiring the interest of the licensee continues to hold that interest under the existing licence subject to the mortgage; or (c) The company cancels, revokes, rescinds, or accepts a surrender of the existing licence and issues, in its place, a new licence in the name of the person acquiring the interest of the licensee and that person requests the Registrar, in writing, to record the mortgage against the new licence under section 121L of this Act. (3) The company and the directors of the company must not register a transfer or other disposition of the shares to which a licence that is subject to a registered mortgage relates or any of them, unless and until— (a) Any consent of the mortgagee required by this section has been endorsed on or attached to the instrument of transfer or other disposition; or (b) The request referred to in paragraph (c) of subsection (2) of this section has been deposited with the company for delivery to the Registrar pursuant to paragraph (c) of subsection (2) of section 121K of this Act. (4) No transfer or other disposition of a licence or of the shares to which the licence relates or any of them and no new licence issued in the place of a licence that has been cancelled, revoked, rescinded, or surrendered have any force or effect unless the applicable requirements of this section are complied with. Part 7A (comprising sections 121A to 121P) was inserted, as from 1 July 1994, by section 2 Land Transfer Amendment Act 1993 (1993 No 124).